CARMA is providing a dynamic and highly valuable service to original issue creditors, debt buyers, law firms, agencies, and attorney networks that will:

reduce the audit footprint on the financial services industry,

drastically reduce the audit burden on service providers, and

optimize cost sharing.

CARMA has working relationships with all types of CFPB-regulated entities, which uniquely positions us to reduce audit frequency, and lower audit and compliance costs.

Our unparalleled and comprehensive audit approach yields an independent opinion that can be relied upon by multiple clients. This prevents firms from being subjected to numerous, costly, and time consuming audits, thereby allowing them to reduce compliance costs and focus on their core business.

The idea was well received by the representatives of the CFPB, who noted that independent audits by Certified Public Accountants are generally preferred by regulators over internal audits, as they provide a higher level of assurance to concerned parties.